MODELLING AND CONTROLLING THE ENTERPRISE RISKS COMPLEX ASSESSMENT SYSTEMON THE BASIS OF RUSSIAN STATE STANDARD ISO 9001-2015 CONCERNING RISK-ORIENTED THINKING. GENERAL PROBLEMS AND WAYS OF SOLVING THEM

2020 ◽  
Vol 2020 (2) ◽  
pp. 33-41
Author(s):  
Irina Merzlyakova ◽  
Aleksandr Feofanov
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
State Standard ◽  
Control Model ◽  
Enterprise Risk Management ◽  
Iso 9001 ◽  
Management Procedure ◽  
Russian State Standard ◽  
Russian State ◽  
Enterprise Risk

The article considers general problems of implementing the enterprise risk management procedure. One of the ways to solve the problems arising when meeting Russian state standard ISO 9001-2015 requirements concerning risk-oriented thinking is presented. A risk assessment control model aimed at coordinating all kinds of the enterprise departments activities, forming a clear algorithm of risk management procedure implementation and attracting a greater number of employees towards this activity is offered.

Enterprise risk management and bow ties: going beyond patient safety

2019 ◽  
Vol 26 (3) ◽  
pp. 770-785
Author(s):  
Hossam Elamir
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Patient Safety ◽  
Assessment Tool ◽  
Enterprise Risk Management ◽  
Risk Assessment Tool ◽  
Management Tool ◽  
Content Type ◽  
Enterprise Risk ◽  
Bow Tie

Purpose The growing importance of risk management programmes and practices in different industries has given rise to a new risk management approach, i.e. enterprise risk management. The purpose of this paper is to better understand the necessity, benefit, approaches and methodologies of managing risks in healthcare. It compares and contrasts between the traditional and enterprise risk management approaches within the healthcare context. In addition, it introduces bow tie methodology, a prospective risk assessment tool proposed by the American Society for Healthcare Risk Management as a visual risk management tool used in enterprise risk management. Design/methodology/approach This is a critical review of published literature on the topics of governance, patient safety, risk management, enterprise risk management and bow tie, which aims to draw a link between them and find the benefits behind their adoption. Findings Enterprise risk management is a generic holistic approach that extends the benefits of risk management programme beyond the traditional insurable hazards and/or losses. In addition, the bow tie methodology is a barrier-based risk analysis and management tool used in enterprise risk management for critical events related to the relevant day-to-day operations. It is a visual risk assessment tool which is used in many higher reliability industries. Nevertheless, enterprise risk management and bow ties are reported with limited use in healthcare. Originality/value The paper suggests the applicability and usefulness of enterprise risk management to healthcare, and proposes the bow tie methodology as a proactive barrier-based risk management tool valid for enterprise risk management implementation in healthcare.

scholarly journals Financial Risk Assessment Using Enterprise Risk Management Concept

2020 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Financial Risks ◽  
Enterprise Risk ◽  
Management Concept ◽  
Risk Contribution ◽  
Management Report

Risk management by using risk mapping can help X Hospital located in Yogyakarta in financial management towards operating as an objective company. Enterprise Risk Management (ERM) helps organizations manage all the risks precisely and in a more integrated way. This research focuses on the risk assessment in X hospital that has not applied ERM, to analyse its financial risks. From this test, X Hospital is expected to manage its risks by using the ERM methods more, in order than the sustainability of the business can be maintained over a longer period, and thus, being able to compete with the competitors. Based on the results of risk the assessment, out of the 15 risks identified. There are top three risks that cannot be acceptable. They are: financial management report risk, contribution risk and multiple jobs risk of X Hospital. The three risks need to get response and allocations of good funds and attention from the management.

scholarly journals STRATEGIC APPROACH TO MANAGING THE RISK OF THE COMPANY'S BUSINESS PORTFOLIO

Management ◽  
2018 ◽  
Vol 27 (1) ◽  
pp. 111-118
Author(s):  
Liudmyla M. GANUSHCHAK-EFIMENKO ◽  
Mаryana S. SHKODA ◽  
Оlena M. NIFATOVA
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Enterprise Risk Management ◽  
Economic Feasibility ◽  
Innovation Activity ◽  
Management Mechanism ◽  
Management Tools ◽  
Management Measures ◽  
Strategic Approach ◽  
Enterprise Risk

Introduction and purpose of the research: The inevitable condition of management is uncertainty. Innovation activity is more risky than other areas of entrepreneurship. In the conditions of instability of the economic situation, the problem of the risk of loss when the company invests in innovations becomes especially relevant.Hypothesis of scientific research. It is assumed that the justification of enterprise risk management measures should be based on the synthesis of the economic feasibility of the method and its ability to address the risk, which will enable competent executives to choose effective risk management tools for the enterprise.The aim is to study the process of risk management in the innovation activity of the enterprise, to develop and substantiate the recommendations for the formation of the enterprise risk management mechanism taking into account the ownership form and its size.Research methods:- comparison methods to identify the weak and strong points of the classification schemes, methods of risk assessment and management;- systematization and classification to determine the characteristics (advantages, disadvantages, peculiarities of application) of methods of enterprise risk assessment, risk management methods and construction of a classification scheme of enterprise risks as the basis of the mechanism of its risk management;- decompositions in the construction of a business risk card due to the division and analysis of the totality of its business activities;- expert assessments in determining the enterprise risks for small, medium and large enterprises in the field of mechanical engineering.Results: substantiated and solved problems of implementation of the strategic approach in project risk management at the enterprise.Conclusions: the mechanism of enterprise risk management based on the system approach combines the administrative, legal and organizational components, makes it possible to identify the risks of the company in three aspects (industry characteristic, form of ownership, size), ensures the formation of a portfolio of risks of a particular enterprise and creates the principles for improving the management mechanism for them.

Applying Enterprise Risk Management on a Fiber Board Manufacturing Industrial Case

2018 ◽  
pp. 1222-1239
Author(s):  
Syed Aftab Hayat
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Gap Analysis ◽  
Employee Motivation ◽  
Enterprise Risk Management ◽  
Terrorism Risk ◽  
Enterprise Risk ◽  
Global Corporations ◽  
The Board Of Directors ◽  
Risk Framework

The study assesses the enterprise risk management (ERM) process of a fiber board manufacturing company. The objective is to practically demonstrate how a risk framework can be applied to find the key risks affecting the company. An understanding of the fiber board industry is established by reviewing the proxy disclosures of global corporations to see how they foresee the risks to the industry in general. The current state of the ERM process of the company is then evaluated by applying the COSO 2004 risk assessment framework - the company's ERM process are mapped on a maturity model scale, roles and responsibilities of the board of directors and important risk management concepts are discussed and measured in practice. A risk assessment is undertaken with the help of risk gathering techniques to create a risk profile of the major risks affecting the company which are illustrated through heat maps. Finally, benchmarked studies are used to conduct a gap analysis of the risk findings to conclude that the management has to re-address its focus towards HR -employee motivation, working capital mismanagement, sales-production planning inefficiencies and a less likely but high impacting terrorism risk for which the company is currently not prepared. Recommendations for key risk indicators are suggested along with direction for future work.

scholarly journals Operational Risk Assessment of an English Academy in Yogyakarta

2020 ◽  
Vol 9 (2) ◽  
pp. 5-12
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Data Analysis ◽  
Operational Risk ◽  
Enterprise Risk Management ◽  
Operational Risks ◽  
Long Run ◽  
Enterprise Risk ◽  
Operational Activities

This research was conducted for the risk assessment on the operational activities in order to assist PT. XYZ in managing the operational activities which leads to the goals of the firm. The use of Enterprise Risk Management (ERM) can help the organization to manage the risks holistically using the intergrated methods. This research focused on the risk assessment in PT. XYZ, especially for its operating, and provided a strategy of improvement from the existing risks. The methodology used in this research is a case study with triangulation of sources as the tool to conduct the data analysis. The informants of this research are the Operational Manager of PT. XYZ and five teachers. The data was obtained by conducting interviews and there were six operational risks found which would be best to respond and to manage as soon as possible for minimizing the risks. The result of this research is to hope that PT. XYZ shall be able to manage the risks by using the ERM methodology in order to have the business in the long run and to be successfully competing in the market.

Applying Enterprise Risk Management on a Fiber Board Manufacturing Industrial Case

2014 ◽  
Vol 3 (4) ◽  
pp. 51-66
Author(s):  
Syed Aftab Hayat
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Gap Analysis ◽  
Employee Motivation ◽  
Enterprise Risk Management ◽  
Risk Indicators ◽  
Maturity Model ◽  
Enterprise Risk ◽  
Management Concepts ◽  
Board Industry

The study assesses the enterprise risk management (ERM) process of a fiber board manufacturing company. The objective is to practically demonstrate how a risk framework can be applied to find the key risks affecting the company. An understanding of the fiber board industry is established by reviewing the proxy disclosures of global corporations to see how they foresee the risks to the industry in general. The current state of the ERM process of the company is then evaluated by applying the COSO 2004 risk assessment framework - the company's ERM process are mapped on a maturity model scale, roles and responsibilities of the board of directors and important risk management concepts are discussed and measured in practice. A risk assessment is undertaken with the help of risk gathering techniques to create a risk profile of the major risks affecting the company which are illustrated through heat maps. Finally, benchmarked studies are used to conduct a gap analysis of the risk findings to conclude that the management has to re-address its focus towards HR -employee motivation, working capital mismanagement, sales-production planning inefficiencies and a less likely but high impacting terrorism risk for which the company is currently not prepared. Recommendations for key risk indicators are suggested along with direction for future work.

Innovative Approaches to Building Enterprise Risk Management in Emerging Economies

2021 ◽  
pp. 133-154
Author(s):  
Ilse Patricia Lopez de la Cruz ◽  
Alasdair James Marshall ◽  
Udechukwu Ojiako ◽  
Serkan Ceylan ◽  
Fenfang Lin
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Emerging Economies ◽  
Management Practices ◽  
Enterprise Risk Management ◽  
Assessment Practice ◽  
Enterprise Risk ◽  
Assessment Techniques ◽  
Risk Culture ◽  
Building Enterprise

This chapter explores a very positive example of enterprise risk management (ERM) development in Mexico, set by the firm Grupo Proeza, from which valuable and highly generalisable lessons can be learned. These lessons will pertain most centrally to Grupo Proeza's techniques of ERM building, where risk management practices are used to enhance the cultural and other foundations for ERM. Of particular interest is the notion that various risk assessment techniques can be used for this purpose, which may seem counter-intuitive by reversing the formative relationship between risk culture and risk assessment practice that is more typically the focus for attention.

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